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The decking market size is expected to increase by $6.27 billion from 2023 to 2028 according to a recent report by Technavio Research titled “Global Decking Market 2024-2028.” In addition, the findings indicated the decking market is fragmented in nature, and the market will most likely see a 5.54% YOY growth in 2024.
In the study, the market was segmented by application (residential and non-residential), product (composite, wood, plastic, and aluminum), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The report recognized the following companies as some of the key players in the decking market: Advantage Trim and Lumber Co., CRH Plc, Fortune Brands Innovations Inc., Humboldt Redwood Company LLC, NewTechWood America Inc., The AZEK Co. Inc., Timber Holdings USA, Trex Co. Inc., UFP Industries Inc., West Fraser Timber Co. Ltd., and Weyerhaeuser Co.,
Moreover, the growing home improvement industry is an emerging trend shaping the market growth, and that the home improvement industry is being driven by an increase in demand for customized outdoor design by consumers, as well as a rapid rate of urbanization. During the forecast period, the global decking market is expected to grow due to a shift in consumer preference for better home amenities, which has led to an increase in demand for products that provide enhanced comfort and convenience.
However, consolidation of the global decking market is a significant challenge hindering the market growth. Due to the increasing demand for decking, competition among established companies has intensified. As a result, they are now prioritizing aftersales services and vertical integration. Some companies have expanded their product portfolios by introducing various types of decking, such as composite, aluminum, and plastic decking.
To read the full report, visit www.technavio.com.